Avoid These Mistakes When Pitching Your Business
Every business owner comes to the point where they might the need the backing of investors. Sourcing investors is not the difficult part. Trying to hook them onto your concept can prove to be difficult, especially when you are trying to show them your concept and how joining with you can bring them just as much success.
1. Not Having Any Structure
A sales proposal should be easy to follow. Think of it as reading an essay out loud to a class; there needs to be a starting point and the middle should flow well into each, with the end tying in any extra loose leads. A lack of structure or too loose a presentation only raises more questions than answers, and is a bad reflection on your business. There should be no room for misinterpretation, as the presenter the presentation should construct a clear-cut and logical message.
2. Not Knowing Much About Your Audience
With all the vast amount of information on social media and LinkedIn, there is no excuse not to do thorough research on investors. Gather as much information that could benefit their decision. Even add someone the knowledge gained into the presentation to demonstrate that you do your homework. This will come in handy when there is serious talk on the table, and they have a chance to ask you the ins and outs of your dealings and business finance.
3. Too Much Detail
Marty Fukuda, former Chief Operating Officer of N2 Publishing and self-proclaimed businessman, says, “If you’re fortunate enough to get in front of a potential investor or high influencer, that person is likely on a strict time limit. Providing an over-abundance of information only jeopardizes clarity and may obscure your major points. Make sure you give yourself time to arrive at your key arguments, and avoid the temptation to get side-tracked by minutiae.”
4. Delivering An Impromptu Pitch
There will be days where you have to do a pitch on the spot because your future investor is standing right next to you, ready to leave. The most significant meetings you’ll ever have won’t be planned. Always be ready for a quick presentation or “elevator pitch” in an instant. Practice makes perfect, so have your five minute impromptu pitch ready for whenever the need occurs, because it might happen in the next 10 minutes from now. Are you ready?
5. Allowing Rejection To Stop You
Being rejected in this trade of work is not uncommon. You will find many stories of people who were rejected numerous times before they made their big break. Persistence is the name of the game and you are the first person to believe in your business before anyone else does.
The content in this article was provided by WesBank – a leading Vehicle and Asset Finance provider and part of one of the largest financial services groups in Africa. WesBank is a division of FirstRand Bank Limited.
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